* Malaysia Nov. 1-20 exports down 3.3 pct m/m -ITS * Olam battles Muddy Waters accounting claims * Palm oil's target of 2,588 ringgit aborted -technicals (Updates prices) By Chew Yee Kiat SINGAPORE, Nov 20 (Reuters) - Malaysian palm oil futures edged lower on Tuesday, as investors booked profits after the contract hit a more than two week high earlier in the day and as export demand continued to show signs of slowing. The world's No.2 palm producer exported 1.02 million tonnes of palm products for Nov. 1-20, down 3.3 percent from 1.06 million tonnes a month ago, cargo surveyor Intertek Testing Services said on Tuesday. Market players were hoping for higher exports to ease record stocks, which hit 2.51 million tonnes in October. Another cargo surveyor Societe Generale de Surveillance will release its export data later in the day. "Traders were pretty hopeful for positive export data, although this decline is not really that significant," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore. "Market participants are also anxious as they wait for the outcome of the European financial meeting," he added, referring to a gathering later on Tuesday where euro zone finance ministers are expected to give a tentative go-ahead for the disbursement of 44 billion euros in emergency loans to Greece. The benchmark February contract on the Bursa Malaysia Derivatives Exchange lost 0.1 percent to close at 2,457 ringgit ($803) per tonne. Prices earlier touched 2,485 ringgit, the highest since Nov. 2. Total traded volumes stood at 38,893 lots of 25 tonnes each, higher than the usual 25,000 lots. Technicals showed a bullish palm oil target of 2,588 ringgit had been aborted, said Reuters market analyst Wang Tao. Singapore commodities trader Olam International Ltd defended its accounting practices after attacks by short-seller Muddy Waters which media reports said questioned the way it keeps its books, sending its shares tumbling as much as 11 percent in heavy volume. In related markets, Brent crude slipped towards $111 a barrel on Tuesday as ample supplies outweighed worries over fighting between Israel and Palestinians in the Middle East. In other vegetable oil markets, U.S. soyoil for December delivery edged 0.2 percent higher in late Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange closed 0.7 percent higher. Palm, soy and crude oil prices at 1007 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC2 2369 -17.00 2353 2401 843 MY PALM OIL JAN3 2426 -4.00 2404 2452 7048 MY PALM OIL FEB3 2457 -2.00 2434 2485 16000 CHINA PALM OLEIN MAY3 6756 +6.00 6710 6816 698888 CHINA SOYOIL MAY3 8496 +58.00 8428 8508 813062 CBOT SOY OIL DEC2 47.96 +0.07 47.70 48.06 8508 NYMEX CRUDE JAN3 88.79 -0.49 88.53 89.19 20062 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne Crude in U.S. dollars per barrel ($1=3.06 ringgit)

Source